New Valley LLC is an investment company owned by Vector Group[1]. New Valley was formed in the early 90's as the corporate parent of Western Union. After more than 100 years of being a publicly traded entity, New Valley became a wholly-owned subsidiary of Vector Group Ltd. on December 13, 2005 when Vector acquired the remaining 42.3% of New Valley's common shares that it did not already own. New Valley currently has a 50% stake in Douglas Elliman Realty, the largest residential real estate brokerage in the New York metropolitan area. The company also has stakes in various hotels and golf courses in the United States. In conjunction with the spin-off of its Ladenburg Thalmann subsidiary New Valley retained an 8.7% stake in Ladenburg Thalmann Financial Services, an investment bank and stock brokerage based in Miami.
This needs to be edited, "New Valley was formed in the early 90's as the corporate parent of Western Union. After more than 100 years of being a publicly traded entity, New Valley became a wholly-owned subsidiary of Vector Group Ltd".
New Valley was formed in the early 1990's. How was it a publicly traded entity for more than 100 years?
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